You may not be willing to pony up $75 million for a luxury condo, but the Four Seasons is betting somebody will. That’s the cost of the penthouse crowning their 12-story private residences complex on the border of Beverly Hills. It should come as no surprise that $75 million is well over the record sale price for a luxury condo in Los Angeles. But in a sprawling megalopolis where single family homes have always been the priority, is there a lucrative future in luxury condos?
The Rising Popularity of LA’s Luxury Condos
As recently covered by the Hollywood Reporter, the rise of the LA luxury condo has been happening, albeit slowly, for the last 15 years or so. The first stirrings came in 2008 when the Montage Residences in Beverly Hills opened its doors. Today, it’s known as the Maybourne Residences. The Ritz-Carlton Residences followed two years later, bringing a decadent hotel condo experience to L.A. Live.
The Sale of the Century
The same year, author and philanthropist Candy Spelling made a resounding endorsement of luxury condos when she purchased the upper two stories of The Century in Century City. Selling for $35 million, the condo still holds the record for most expensive condominium sale in the LA area. Of course, if the Four Seasons has their way, that record is about to be shattered.
Following suit, we saw branded luxury condo experiences arising with the likes of Aman, the Mandarin Oriental Residences, and Rosewood Residences in Beverly Hills, the Pendry Residences in West Hollywood, and, of course, the aforementioned Four Seasons Private Residences.
Convenience is King
The pandemic highlighted the benefits of having a home; namely an expansive yard that would allow safe social gathering with plenty of fresh air. So, why is there now so much banking on a future in luxury condos?
It’s not the first time we’ve mentioned it in this blog, but convenience is king. Just look at our HartSmart Homes initiative that turns standard homes into cutting edge smart homes. We do it because people love convenience. The pandemic didn’t change that. If anything, it emphasized it. But what’s even more convenient than the automated comforts of a smart home? Perhaps the comforts of condo living with added high class, brand-backed hotel-style amenities.
The Target Clientele for a Luxury Condo
It’s a particularly attractive prospect for wealthy jetsetters eager to spread back out into a world that, until recently, was restricted to travel. If they’re leaving the city frequently or for long periods of time, the hospitality-style services offered by a luxury condo grant them an unparalleled peace of mind. In the faces of crime, natural disasters, and domestic mishaps, they always have someone ready to respond… even if they’re a world away.
But those sterling services are just as attractive when they’re home. Many of these luxury condos offer concierge services that run the gamut from dog walkers to valets to personal shoppers. And let’s not forget the built-in spas, gyms, and fine dining options with 24-hour room service. Of course, there are lofty homeowner’s association fees, but what do these matter to someone dropping millions on a penthouse condo?
This is Not a Hotel Condo
If you’re strictly familiar with the Four Seasons as a hotel and resort company, the Four Seasons Private Residences may be a novel concept to you. Created by Jonathan Genton, it’s the company’s foray into private residences. You may be tempted to refer to this as a hotel condo, but despite the Four Seasons branding, none of the building’s units are rented. Rather, each offers a luxury condo that can be purchased as a permanent residence.
Inside the Most Expensive Luxury Condo in LA
But there’s only one condominium at the Four Seasons Private Residences with a $75 million price tag. It’s the two-floor penthouse, presenting 13,000 square feet of living space that can be customized to the buyer’s preference. What does this mean exactly? The purchaser will be able to decide the number of bedrooms and bathrooms they want inside the lavish space.
The design of the penthouse was directly inspired by the experimental Case Study Houses sponsored by Arts & Architecture magazine from 1945 to 1966. Ironically, these homes challenged cream-of-the-crop architects to design houses that would be as affordable as they were efficient.
The style and utility may be evident, but this luxury condo could hardly be called inexpensive. Still, the quality is apparent, from the sumptuous materials used in its construction to the cutting edge appliances on display. Such features would seem wildly out of place in a standard condominium.
Topping off the decadent digs, you’ll find a 9,788-square foot rooftop sanctuary, juxtaposing reflecting pools with panoramic city views. The rooftop is easily accessed through a direct elevator. And don’t worry about wondering where to park your six favorite cars. You’ll also get your own garage providing shelter and security for all of them.
Branded Hotel-Style Amenities in a Private Luxury Condo
As a resident of the Four Seasons Private Residences, you’ll enjoy attractive shared amenities that contribute to a more traditional hotel condo feel. These include:
- Fitness and wellness center designed by renowned personal trainer Harley Pasternak
- Private training rooms
- Intricately-tiled zero edge saltwater swimming pool
- Private pool cabanas equipped with ceiling fans
- Private IMAX Theatre Palais experience including a 17-foot screen and seating for up to 18 people
So is this the next leap in LA’s luxury condo revolution? We have a feeling the Four Seasons’ decadent take on hotel condo living (without the hotel) won’t languish on the market long. And it’s just a matter of time before $75 million isn’t the record setting price that it is today. It may not hold a candle to the most expensive homes ever sold in the U.S., but it still sets a high bar for area condos. In the meantime, if you’re interested in condos that you don’t have to be a CEO to afford, check out our active listings!
